Stop thief

Get your own back on the bank ‘robbers’ – and save £1,000s

 

24/08/2008

IT’S highly likely that you are a victim of theft.

 

Yet I’m not talking about some villain with a shooter but a right banker in a suit stinging you with charges.

 

So this BANK holiday, why not fight back?

 

They’ve unfairly taken mortgage fees, credit card charges, loan insurance and more—but you can RECLAIM them and stick £1,000s back in YOUR pocket.

 

Nearly a BILLION pounds of bank charges have been reclaimed in a campaign I’m proud to have been heavily involved in.

 

Sadly, it’s on hold for everyone until the end of a big court test case, unless you are suffering serious financial hardship. If so then see www.moneysaving expert.com/bankcharges. But many other reclaims are still possible, easy and free.

 

The worst-case scenario is that you waste a stamp, and as 100,000s have already bagged BIG MONEY, it’s worth a go.

RECLAIM 1

 

CREDIT CARD PENALTY CHARGES: Typical payout—£100s

 

Two years ago the Office of Fair Trading said fines for late payment or breaching your credit limit SHOULDN’T be more than £12.

 

Providers have cut fees—but you can demand money back for all higher fines for the four years before that.

 

Don’t worry if you have no statements to add up what you paid—you have a legal right to back copies of them under the Data Protection Act, which will cost you about £10.

 

I’ve drafted template letters for you to send, asking them to refund the charges at moneysavingexpert.com/ccreclaim. Demand the difference back between the £35ish charge and the £12 limit.

 

You’ll usually get a reply saying no, with an excuse. Don’t worry, write again threatening to go to the financial ombudsman, and often that’ll do it.

RECLAIM 2

 

LOAN INSURANCE: Typical payout— £1,000s

 

If you have a loan you may have payment protection insurance on it, possibly without even realising it, and there’s a very real chance that this was MISSOLD.

 

Worse, it could be deliberately wrapped in with the loan, so you might not realise you’ve paying £1,000s for this policy.

 

Outrageous examples of mis-selling include people being told the insurance is compulsory (it isn’t).

 

Also, if you’re self-employed you may not have been told the policy doesn’t cover you. And people with a prior medical problem have often not been told it would be excluded. This is the tip of the iceberg.

 

Check out all the mis-selling types and use free template letters to ask for your money back at www. moneysaving expert.com/ppireclaim

RECLAIM 3

 

MORTGAGE EXIT FEE: Typical payout —£150 with a phone call

 

Did you switch lender or repay in full between 2003 and 2007? Most people were overcharged on the “mortgage exit administration fee” (MEAF).

 

While the charge should have been the £50 or so on your original contract, you probably paid £200. Last year the FSA regulator said the difference had to be paid back.

 

Call your old lender and ask for it. Some send a cheque or a short claim form to fill in to get the cash. If problems crop up, see moneysavingexpert. com/meafs

RECLAIM 4

 

COUNCIL TAX: Typical payout—£2,000 plus reduced bill

 

Last year I developed a system to reclaim council tax. Up to 400,000 people in England and Scotland may be in the wrong band. Thousands have got money back.

 

The bands were last valued in 1991, and many were done by valuations as estate agents simply drove by and marked lists. This rough system means many have been overpaying for years.

 

Check to see if neighbours in similar properties are in lower bands. Look them up at www.voa.gov.uk in England and www.saa.gov.uk in Scotland.

 

Use the web to value your house and work out what it was worth back in 1991. This can be done free at money saving expert.com/council. Bands can go up as well as down, so ensure you do both checks before asking for a revaluation.